Joy Business convened a national dialogue to address the future of Ghana's extractive sector. This comes amidst increasing calls for greater Ghanaian control over its mineral and oil resources. The discussion titled “To Nationalise or Transform? Rethinking Ghana’s Approach to Mining, Oil and Critical Minerals” brought together experts from various fields.
Ghana has a long history of mining gold and holds significant deposits of bauxite and manganese. The country also began commercial petroleum production from the offshore Jubilee Field in December 2010. Further, Ghana is actively pursuing a stake in lithium and other critical minerals. The core question remains: who truly benefits from these extensive natural resources?
This debate occurs as resource nationalism gains momentum across Africa, driven by rising commodity prices. There are also growing demands for local participation in the extractive industries. For Ghana, this discussion is especially pressing as the government promotes stronger local involvement. Global demand for critical minerals like lithium also continues to intensify. This broader context frames the urgency of the national dialogue.
The Institute of Economic Affairs (IEA) champions increased nationalisation. Economist Samuel Manu of the IEA will discuss ownership models and sovereign wealth. He will explore whether a Ghanaian-led extractive industry can finance long-term growth. Ing. Dr. Kenneth Ashigbey from the Ghana Chamber of Mines opposes straightforward nationalisation. He will highlight investor confidence and market competitiveness. Dr. Adu Owusu Sarkodie from the Centre for Policy Scrutiny will focus on accountability and transparency. He will explain how Ghana can prevent elite capture while maximising national benefits.
The central question is whether greater Ghanaian ownership automatically leads to improved national outcomes. Alternatively, Ghana might need deeper reforms in governance, financing, industrialisation, and accountability. This dialogue aims to move beyond rhetoric and produce actionable policy recommendations. A key outcome will be a policy brief for the government, state institutions, and the public. This initiative is part of Joy Business’s ongoing commitment to shaping Ghana’s economic conversations.
Dr. Frank Boateng, Acting Director at the Institute of Mineral Resource Investment and Governance (UMaT), will offer global case studies. He will examine lessons from other resource-rich nations. Gideon Ayi-Owoo, Partner at Deloitte Africa, will provide insights on financing realities and global investment trends. He will also discuss Ghana's critical minerals strategy. He aims to show how Ghana can maintain global competitiveness while increasing local value retention. The insights from these experts will inform the policy brief, which will be sent to decision-makers. This brief will guide future policies affecting Ghana's extractive sector.